Bob

[Bob]

Service Bond:If the bond/penal amount is 10% of the contract,is the premium based on bond or contract amount?

[marietta68]

Originally Posted by Bob

Service Bond:If the bond/penal amount is 10% of the contract,is the premium based on bond or contract amount?

Most bond companies have rates filed for both options, but it's most common to base the premium on the amount of the contract.

[Admin]

Bob, it says in your Bio that you are a bond producer. Surly you knew the answer to that question!

Testing the forum members' knowledge are ya?